 |
| Manny de Zarraga |
MIAMI, FL – HFF announced
it has closed the $95.5 million sale of and arranged acquisition financing for Phase
I of Modera Pembroke Pines, a two-phase,
luxury multi-housing community totaling 700 units in Pembroke Pines,
Florida.
HFF marketed the property
on behalf of the seller, a joint venture between affiliates of Mill Creek
Residential and Clarion Partners. AVR
Realty Company purchased Phase I for $95.5 million.
AVR separately engaged
HFF to arrange the acquisition loan through New York Life Real Estate
Investors.
In addition, HFF also
arranged binding agreements with AVR for the sale and financing of Phase II of
the property with closing slated upon completion of construction in 2015.
New York Life Real Estate Investors will also
provide acquisition financing for Phase II of the project.
 |
| Matthew Lawton |
Modera Pembroke Pines is
located at 10170 SW 7th Street near Pines Boulevard and Palm Avenue in the
Broward County suburb of Pembroke Pines.
Situated on 27.2 acres, the project is the
first component of Pembroke Pines City Center, a mixed-use, walkable master
planned community.
Phase I of the project was completed in early
2014 and includes 422 units, which are 95 percent leased. Due for completion in second quarter 2015,
Phase II of the project will include 278 units.
Both phases of the property include a mix of
one-, two- and three-bedroom units in both flat and townhome
configurations.
Community amenities will
include two beach-entry swimming pools, two fitness centers, two business
centers, two demo kitchens, two game rooms, two clubhouses and available
private garages and storage units.
 |
| Jaret Turkell |
The HFF investment sales team
representing the seller was led by executive managing directors Manny de
Zárraga and Matthew Lawton, managing director Jaret Turkell, director Matt Mitchell and associate director Maurice Habif.
HFF’s debt placement team was
led by managing director Elliott Throne.
De Zarraga said, “Modera Pembroke Pines
represents one of the premier residential communities in South Florida with
state-of-the-art design features and a highly central location serving the
intense employment nodes of northern Miami-Dade and Southwest Broward Counties,
coupled with the desirable Pembroke Pines community retail, school and
community amenities.
"Modera Pembroke
Pines is another signature development of Mill Creek, one of the country’s top
developers of multi-housing communities."
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza,
Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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